TORONTO, April 7 (Reuters) – Canadian economic activity contracted in March for the first time in four months as a measure of inflation pressures increased, Ivey Purchasing Managers Index (PMI) data showed on Tuesday.
The seasonally adjusted index fell to 49.7 last month from 56.6 in February, marking its first move below the 50 threshold since November.
The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. A reading below 50 indicates a decrease in activity.
The inventories index fell to an adjusted 49.4 from 57.2 in February, while the prices index was at 75.7, up from 63.4.
The unadjusted PMI edged up to 56.5 from 56.3.
(Reporting by Fergal Smith; Editing by Chizu Nomiyama)
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